Ethereum could continue to trade within its present channel and a breakout in either direction would require a strong shift in momentum. Monero could fail to hold onto $152 support if the sellers maintain control of the prices. Algorand suffered a minor correction as the price cooled off after touching its local high.
At press time, the world’s second-largest cryptocurrency Ethereum was trading at 1,212.58, down by 1.8% in the past 24 hours. The fall pushed ETH towards the $1,147 support level. Bulls could hold on to the present support mark, but a broader market pullback could see prices move towards $1,046.30. On the other hand, a bullish rally could boost prices above their present resistance and move towards the coveted $1,400 mark.
The Awesome Oscillator indicated a shift of momentum towards the bearish side as highlighted by the red bars on the histogram.
However, the Chaikin Money Flow showed that losses could be capped at their immediate support as capital was pouring into the cryptocurrency.
Monero failed to hold above $158.16 resistance and revisited support at $152 as the bears sought control of the market. An extended bearish run could see prices fall below their current support and head towards the next line of defense at $148.12. Furthermore, the indicators also tipped in favor of the bears and suggested that a move above its present resistance was unlikely over the coming days, barring a broader market rally.
The MACD’s signal line maintained its distance with the fast-moving line and signaled a continuation of the bearish market.
Lastly, the Parabolic SAR’s dotted markers were above the candlesticks and confirmed the downtrend for XMR.
A minor pullback saw ALGO retract from a local high of $0.55 and head towards $0.51 support. At the time of writing, the crypto asset was trading at $0.51, down by over 4% in the past 24 hours. The extent of the reversal would be watched closely over the next few sessions, as a fall towards $0.47 support could confirm a bearish downtrend for ALGO.
The Stochastic RSI eyed the oversold zone and suggested that the price could continue to move southbound until the index reverses its direction.
The Bollinger Bands also confirmed the possibility of a pullback towards $0.47 support since the candlesticks moved lower after trading on the upper band.
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